Analytics / Forex and Crypto News
After the price of Ethereum rose above $2200, the bulls activated and began to push the price up. As a result, the price of Ethereum was able to rise above the level of $2300 and reach the level of $2400, but could not break through it, and at the time of publication, the ETH/USD pair is trading around $2380. Despite a temporary pullback, the price of Ethereum could rise above $2400 today and target the level of $2500.
On the hourly chart, the descending triangle was broken upwards, providing resistance around $2300. The ETH/USD pair is currently trading well above the resistance level of $2300 and the 100-hour simple moving average. The bulls are showing their strength above $2300 and are aiming for a new test of the $2400 level. If they manage to push the price above $2400 this time, the rally could open the door for a push towards the $2500 level in the near future.
If the ETH/USD pair falls below the $2350 level, it may correct below. In this case, the immediate support is formed near the $2300 level or the triangle resistance. Further, the $2250 level provides enough support for the pair.